The bonds must be sold only at public sale, either on sealed bids or at public auction, to the bidder whose bid reflects the lowest net interest cost to the state for the bonds being sold, computed to their respective maturities; provided, that if no bid acceptable to the department and the Governor is received all bids may be rejected. Notice of each such sale shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, and also by publication in a newspaper published in the state which is customarily published not less often than six days during each calendar week, each of which notices must be published at least one time not less than 10 days prior to the day fixed for the sale. The department may fix the terms and conditions under which each such sale may be held; provided, that none of the bonds may be sold for a price less than the face value thereof; and, provided further, that such terms and conditions shall not conflict with any of the requirements of this article.
Structure Code of Alabama
Title 33 - Navigation and Watercourses.
Chapter 2 - Development of Docks and Other Facilities Along Inland Waterways.
Article 5 - 1967 Provisions for Facilities Along Inland Waterways.
Section 33-2-120 - Definitions.
Section 33-2-121 - Facilities at Additional Cost of $2,000,000.00 Authorized.
Section 33-2-123 - Authority, etc., of Department Under Article Cumulative.
Section 33-2-124 - How Property and Rights-of-Way May Be Acquired; Eminent Domain Proceedings.
Section 33-2-125 - Department May Contract Current Indebtedness.
Section 33-2-126 - General Provisions Relative to Inland Facilities Bonds.
Section 33-2-127 - Requirements for Sale of Bonds.
Section 33-2-128 - Disposition of Proceeds From Sale of Bonds.
Section 33-2-129 - Appropriation for Payment of Principal and Interest on Bonds.
Section 33-2-130 - Application of Revenues From Inland Facilities.
Section 33-2-131 - Refunding Bonds and Investments.
Section 33-2-132 - Separate Records as to Each Unit of Development.
Section 33-2-133 - Use of Surplus Revenues of Port of Mobile Facilities to Pay Operating Deficit.
Section 33-2-134 - Rates and Charges for Use of Facilities.
Section 33-2-135 - Revocation of Licenses to Occupy State Property.